BYD (SHE:002594, HKG:1211) and Chery are boosting plugin-hybrid sales in Europe to avoid steep European Union tariffs on Chinese-made electric vehicles, Reuters reported Friday.
BYD sold 3,269 plugin-hybrids in March, up from near zero in July 2024 when tariffs began, while Chery sold 757 plugin-hybrids, the report said, citing data from research firm Rho Motion.
The EU imposed tariffs of up to 45.3% on Chinese battery-electric vehicles in November 2024 to block cheap imports, Reuters wrote.
It was inevitable that manufacturers would find a way back into the EU market through hybrids, the report cited Didi Bostock, membership editor at Rho Motion.
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
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